NEW YORK (TheStreet) -- Whiting Petroleum Corp. (WLL) - Get Report shares are spiking by 2.82% to $7.67 on Wednesday afternoon, as oil prices gained on the weekly oil inventory data and the weaker dollar.
Earlier today, the Energy Information Administration (EIA) reported that U.S. crude stockpiles increased by 2.3 million barrels last week to a total of 534.8 million barrels. This was lower than analysts' expectations of a 3.3 million barrel build.
This data eased concerns about the ongoing supply glut and soothed worries about a deluge of Iranian oil, CNBC.com reports.
Additionally, Federal Reserve Chair Janet Yellen's comments yesterday hinted at a slower pace in raising interest rates. Her dovish comment immediately sent the dollar lower, pushing oil up.
Crude oil (WTI) is advancing by 0.63% to $38.52 per barrel and Brent crude is rising by 0.87% to $39.48 per barrel.
Based in Denver, Whiting Petroleum is an independent oil and gas company that engages in the acquisition, exploration, development, and production of crude oil.
Separately, TheStreet Ratings currently has a "Sell" rating on the stock with a letter grade of D.
The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles' author.
You can view the full analysis from the report here: WLL